02 Jan As Dave Ramsey says – we should strive for a credit score of 0!

I have made a New Year’s resolution to follow Dave Ramsey’s advice to strive for a credit score of 0. And, I am encouraging my clients to do the same. Of course, this means down the road we will have to pay cash for everything – including our vehicles – but getting out of debtor’s prison will be worth it.

I am sick and tired of all the tricks creditors play in trying to get us to give them our money. They want to keep our credit scores as low as possible so that they can charge us higher interest rates and more fees. And, they want us caught up in the credit trap so that they can charge us more.

Even though you pay your bill on time, the creditor lowers your credit limit. This, in turn, causes your credit score to go down because your debt to credit limit ratio is too high. What a racket!

Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.